Pick of the early market news
Another ugly day for the FTSE 100, down -27.90 points to 5,437. The biggest losers were IAG, down -5.96%, and Kazakhmys, down more than -4%. Greek nerves saw the German Dax dip almost -0.80% yesterday.
Overnight in Asia the Hang Seng crashed by almost -2.8% with the Australian S&P/ASX 200 also plunging -2.8% on the Greek impasse.
First off, let's look at caterer Compass Group. Total revenue climbs 8.6% year-on-year, including contribution from acquisitions said the company in a statement. Organic revenue growth rises 5% thanks to "strong performances in North America and Fast Growing & Emerging."
The Compass interim dividend climbs 11% while expectations for the full year remain positive and unchanged it says. It adds that there were significant growth opportunities, particularly "in North American and Fast Growing & Emerging markets".
"We are continuing to generate cost efficiencies," said Compass boss Richard Cousins, "which are enabling us to invest in the many growth opportunities we see across the Group, with increasing emphasis on emerging markets."
"Whilst we are not immune from the current economic difficulties in Europe, the fundamentals of the business are strong and I remain excited about the opportunities for future growth and margin progression."
Next, Tullow Oil. In an interim statement Tullow's financials are "in line with expectations" the company said. Capital expenditure for 2012 is expected to be in the region of US$2bn. As of 30 April 2012, net debt was approximately US$0.5bn and un-utilised debt capacity is approximately US$2.7bn.
"The Uganda farm-down and strong production performance give Tullow a firm financial foundation to carry out its extensive work programmes in Africa and the Atlantic margins," said the company.
"Tullow is confident that, having delivered industry-leading basin-opening exploration success already this year, and with key developments progressing well, the Group will deliver further significant growth in 2012."
Lastly, Bovis Homes. Based on current "stable" UK conditions Bovis anticipates "strongly improved returns", it said in a stock exchange interim statement.
"Profits are expected to grow significantly from the compound positive effect of increased legal completion volume from a greater number of active sales outlets and stronger sales rates".
Higher average sales prices from an increased proportion of sales of traditional homes on southerly based sites and improved profit margins from an increased contribution from sites acquired since the housing market downturn will also, it added, help.